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(IT-NEWSWIRE.COM, January 22, 2021 ) Biopharmaceuticals form the fastest-growing segment of the pharmaceutical industry. The growth of this sector will also support that of the sample management market, as increased biologic production will spur the demand for sample management. The growth of the biopharmaceuticals market is attributed to the increasing demand for biologics, the emergence of biosimilars, and increasing R&D expenditure in biopharmaceutical companies, as well as the increasing prevalence of chronic diseases.
The growth of the market can be attributed to increasing drug discovery activities, the growing biopharmaceutical industry, and the rising trend in outsourcing compound/sample management.
Compound Management market is projected to reach USD 424.5 million in 2023 from USD 215.3 million in 2018, at a CAGR of 14.5% during the forecast period.
Accessories to Fuel the Growth of Compound Management market :
High capital investments are required to build a compound/sample management facility, including investment in both hardware and software, such as the installation of new automated liquid compound storage systems linked to a robust inventory database. The average cost of a large automated storage system, for example, ranges between USD 1 million and USD 10 million. The high capital requirements for setting up such facilities may put them out of reach for small or medium-size pharmaceutical companies. Research institutes with limited budgets also find it difficult to afford such instruments. As a result, the use of manual storage systems is still preferred among these end-users.
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“By sample type, the chemical compounds segment to account for the largest share during the forecast period.”
The rising drug discovery activity is leading to an increased demand for compounds, which is positively affecting market growth.
“By product & service, the outsourcing services segment is expected to register the highest CAGR during the forecast period.”
The outsourcing services segment is projected to register the highest CAGR during the forecast period. This high growth is due to the shift in trend towards outsourcing compound management to third-party service providers. These companies are experts in compound management and provide various services to pharmaceuticals, biopharmaceuticals, and CROs with regard to their compound storage needs, and are reasonably priced.
“By end-user, the pharmaceutical companies segment to account for the largest share in the compound/sample management products market.”
The rising drug discovery activity, coupled with increasing pharmaceutical companies, is the major factor driving the growth of the segment.
“North America to account for the largest share of the compound management market during the forecast period.”
The large share of North America is attributed to the presence of the large pharmaceutical and biopharma industry. As a result, several companies in North America are engaged in drug discovery activities, which require the maintenance of substantial chemical libraries. Moreover, to maintain the productivity of such innovative drugs and biologics, most of the leading pharma and biopharma companies have started building compound management facilities or contracting external service providers.
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Key Market Players
Brooks Automation (US), Hamilton Company (US), TTP Group (US), Labcyte (US), Biosero (US)
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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